Bruce Fund trimmed most of the top positions in the portfolio during the quarter.

The largest three individual stock positions are AMERCO, Nextera Energy, and Allstate (ALL) and they add up to ~27% of the portfolio.

Robert & Jeffrey Bruce’s 13F portfolio value decreased
~8% from $512M to $469M this quarter. Recent 13F reports have shown a total of
around 50 positions. The largest five individual stock positions are AMERCO
(UHAL), Nextera Energy (NEE), Allstate (ALL), CMS Energy (CMS), and Duke Energy
(DUK), and they add up to ~40% of the 13F portfolio.

Below is a spreadsheet that shows the changes to Robert
& Jeffrey Bruce's Bruce Fund Holdings US long portfolio holdings as of Q2
2019. For a look at how the portfolio has progressed, see our previous update: